diff --git a/nova/tests/functional/libvirt/test_vtpm.py b/nova/tests/functional/libvirt/test_vtpm.py
index 4778863a7b95..add88a89a20b 100644
--- a/nova/tests/functional/libvirt/test_vtpm.py
+++ b/nova/tests/functional/libvirt/test_vtpm.py
@@ -33,10 +33,6 @@ from nova.virt.libvirt import driver
 CONF = nova.conf.CONF
 LOG = logging.getLogger(__name__)
 
-FAKE_LIBVIRT_VERSION = versionutils.convert_version_to_int(
-    driver.MIN_LIBVIRT_VTPM)
-FAKE_QEMU_VERSION = versionutils.convert_version_to_int(driver.MIN_QEMU_VTPM)
-
 
 class FakeKeyManager(key_manager.KeyManager):
     """A fake key manager.
@@ -143,11 +139,8 @@ class VTPMServersTest(base.ServersTestBase):
     def start_compute(self, hostname='compute1'):
         libvirt_version = versionutils.convert_version_to_int(
             driver.MIN_LIBVIRT_VTPM)
-        qemu_version = versionutils.convert_version_to_int(
-            driver.MIN_QEMU_VTPM)
         fake_connection = self._get_connection(
-            libvirt_version=libvirt_version, qemu_version=qemu_version,
-            hostname=hostname)
+            libvirt_version=libvirt_version, hostname=hostname)
 
         # This is fun. Firstly we need to do a global'ish mock so we can
         # actually start the service.
diff --git a/nova/tests/unit/virt/libvirt/test_driver.py b/nova/tests/unit/virt/libvirt/test_driver.py
index 865489b0410d..1a7e7b7d59d7 100644
--- a/nova/tests/unit/virt/libvirt/test_driver.py
+++ b/nova/tests/unit/virt/libvirt/test_driver.py
@@ -1527,25 +1527,6 @@ class LibvirtConnTestCase(test.NoDBTestCase,
         self.assertIn("vTPM support requires '[libvirt] virt_type' of 'qemu' "
                       "or 'kvm'; found 'lxc'.", six.text_type(exc))
 
-    @mock.patch.object(host.Host, 'has_min_version')
-    def test__check_vtpm_support_old_qemu(self, mock_version):
-        """Test checking for vTPM support when our QEMU or libvirt version is
-        too old.
-        """
-        self.flags(swtpm_enabled=True, virt_type='kvm', group='libvirt')
-
-        def fake_has_min_version(lv_ver=None, hv_ver=None, hv_type=None):
-            if lv_ver and hv_ver:
-                return lv_ver < (5, 6, 0) and hv_ver < (2, 11, 0)
-            return True
-
-        mock_version.side_effect = fake_has_min_version
-
-        drvr = libvirt_driver.LibvirtDriver(fake.FakeVirtAPI(), True)
-        exc = self.assertRaises(exception.InvalidConfiguration,
-                                drvr.init_host, 'dummyhost')
-        self.assertIn("vTPM support requires QEMU version", six.text_type(exc))
-
     @mock.patch.object(host.Host, 'has_min_version', return_value=True)
     @mock.patch('shutil.which')
     def test__check_vtpm_support_missing_exe(self, mock_which, mock_version):
@@ -1642,7 +1623,7 @@ class LibvirtConnTestCase(test.NoDBTestCase,
         mock_which.assert_has_calls(
             [mock.call('swtpm_setup'), mock.call().__bool__()],
         )
-        mock_version.assert_called_with(lv_ver=(5, 6, 0), hv_ver=(2, 11, 0))
+        mock_version.assert_called_with(lv_ver=(5, 6, 0))
 
     @mock.patch.object(libvirt_driver.LOG, 'warning')
     def test_check_cpu_set_configuration__no_configuration(self, mock_log):
diff --git a/nova/virt/libvirt/driver.py b/nova/virt/libvirt/driver.py
index 1e5f15fabe14..4da0b5bff4bf 100644
--- a/nova/virt/libvirt/driver.py
+++ b/nova/virt/libvirt/driver.py
@@ -222,15 +222,15 @@ patch_tpool_proxy()
 # versions. Over time, this will become a common min version
 # for all architectures/hypervisors, as this value rises to
 # meet them.
-MIN_LIBVIRT_VERSION = (4, 0, 0)
-MIN_QEMU_VERSION = (2, 11, 0)
+MIN_LIBVIRT_VERSION = (5, 0, 0)
+MIN_QEMU_VERSION = (4, 0, 0)
 # TODO(berrange): Re-evaluate this at start of each release cycle
 # to decide if we want to plan a future min version bump.
 # MIN_LIBVIRT_VERSION can be updated to match this after
 # NEXT_MIN_LIBVIRT_VERSION  has been at a higher value for
 # one cycle
-NEXT_MIN_LIBVIRT_VERSION = (5, 0, 0)
-NEXT_MIN_QEMU_VERSION = (4, 0, 0)
+NEXT_MIN_LIBVIRT_VERSION = (6, 0, 0)
+NEXT_MIN_QEMU_VERSION = (4, 2, 0)
 
 # Virtuozzo driver support
 MIN_VIRTUOZZO_VERSION = (7, 0, 0)
@@ -271,7 +271,6 @@ MIN_LIBVIRT_VIR_ERR_DEVICE_MISSING = (4, 1, 0)
 
 # Virtual TPM (vTPM) support
 MIN_LIBVIRT_VTPM = (5, 6, 0)
-MIN_QEMU_VTPM = (2, 11, 0)
 
 MIN_LIBVIRT_S390X_CPU_COMPARE = (5, 9, 0)
 
@@ -783,14 +782,11 @@ class LibvirtDriver(driver.ComputeDriver):
                 "'kvm'; found '%s'.")
             raise exception.InvalidConfiguration(msg % CONF.libvirt.virt_type)
 
-        if not self._host.has_min_version(
-            lv_ver=MIN_LIBVIRT_VTPM, hv_ver=MIN_QEMU_VTPM,
-        ):
+        if not self._host.has_min_version(lv_ver=MIN_LIBVIRT_VTPM):
             msg = _(
-                'vTPM support requires QEMU version %(qemu)s or greater and '
-                'Libvirt version %(libvirt)s or greater.')
+                'vTPM support requires Libvirt version %(libvirt)s or '
+                'greater.')
             raise exception.InvalidConfiguration(msg % {
-                'qemu': libvirt_utils.version_to_string(MIN_QEMU_VTPM),
                 'libvirt': libvirt_utils.version_to_string(MIN_LIBVIRT_VTPM),
             })
 
diff --git a/releasenotes/notes/victoria-libvirt-version-bump-e1a09b3a72ee56a4.yaml b/releasenotes/notes/victoria-libvirt-version-bump-e1a09b3a72ee56a4.yaml
new file mode 100644
index 000000000000..b66746b5363e
--- /dev/null
+++ b/releasenotes/notes/victoria-libvirt-version-bump-e1a09b3a72ee56a4.yaml
@@ -0,0 +1,8 @@
+---
+upgrade:
+  - |
+    The minimum required version of libvirt used by the `nova-compute` service
+    is now 5.0.0. The minimum required version of QEMU used by the
+    `nova-compute` service is now 4.0.0. Failing to meet these minimum versions
+    when using the libvirt compute driver will result in the `nova-compute`
+    service not starting.